SAGA Metals Signs Definitive Agreement to Acquire Wolverine Heavy Rare Earth Element Project in Labrador

Mineralized Potential Similar to Strange Lake and Tanbreez

Press Release | April 14, 2026 | 09:30 ET

SAGA Metals Corp. | TSXV: SAGA | OTCQB: SAGMF | FSE: 20H | VANCOUVER, British Columbia

SAGA Metals Corp. (“SAGA” or the “Company”) (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H), a North American exploration company focused on critical mineral discoveries, is pleased to announce that it has entered into a share purchase agreement dated April 13, 2026 (the “SPA”) with Catalyst Rare Metals Ltd. (“Catalyst”) and each of the shareholders thereof (collectively, the “Vendors”), pursuant to which SAGA will acquire all of the issued and outstanding shares of Catalyst, which itself holds a 100% interest in the Wolverine rare earth element (“REE”) project (the “Wolverine REE Project”), a royalty-free, heavy rare earth project located near the coast of central Labrador, Canada (the “Acquisition”).

★ Wolverine REE Project Highlights

2025 reverse circulation (“RC”) drilling confirmed broad, near-surface REE mineralization across a 1.7 km × 1.2 km area hosted within a significant peralkaline caldera system.
537 samples from the 2025 program returned consistent mineralization, supporting strong continuity. Key intercepts include:
- WOLRC25-003: 48.8 m @ 0.77% TREO from 1.5 m, including 18.3 m @ 1.06% TREO
- WOLRC25-006: 38.1 m @ 0.71% TREO from surface, including 4.6 m @ 1.53% TREO
- WOLRC25-002: 51.8 m @ 0.52% TREO from surface, including 33.5 m @ 0.67% TREO
Peak assays reached 2.03% TREO, with an average HREO contribution of 28%, highlighting strong heavy rare earth enrichment.
Mineralization remains open and under-explored, with >1% TREO enriched zones identified.
Large-scale potential supported by 26 km² of exposed mineralized tuff at surface, 25–50 m thickness, and less than 10% of the prospective unit drilled to date.
Wolverine sits in a peralkaline intrusive complex within the same geological province as globally significant REE deposits including Tanbreez and Strange Lake.
District scale potential, HREE enrichment, near-surface mineralization, and Tier-1 jurisdiction position Wolverine as a potentially significant strategic REE asset.

“The agreement to acquire the Wolverine REE Project is a major milestone for Saga Metals and completes our diversified portfolio of critical minerals projects, strategically positioned to support North American supply security and national defence priorities. With titanium, uranium, vanadium, lithium, and now a high-potential heavy rare earth asset all 100% owned in Tier-1 jurisdictions, SAGA is well placed to deliver the strategic metals essential for the clean-energy transition and defence applications. Wolverine’s scale, HREE enrichment, and clear path to resource delineation position it as a well-timed addition with significant potential to enhance shareholder value.”

— Mike Stier, CEO and Director, SAGA Metals Corp.

Figure 1: Wolverine REE Project Location

Wolverine REE Project Overview

The Wolverine REE Project comprises five contiguous mineral licenses totalling approximately 230.5 km², situated approximately 50 km west of Hopedale and 12 km inland from the Labrador coast. The project is accessible by fixed-wing aircraft to the Hopedale gravel airstrip, followed by helicopter to site. Infrastructure advantages include commercial air services, ferry services, and road access near the towns of Natuashish and Hopedale, with communities that have established agreements with the nearby Vale Voisey’s Bay mine. The project is only 12 km from tidewater, offering logistical support to potential year-round access.

The Wolverine REE Project is hosted within the Flowers River Igneous Suite, the largest peralkaline intrusive-volcanic complex in Labrador, and forms part of the Labrador–Greenland alkaline/peralkaline REE province. The project is underlain by a nested system of partially eroded Proterozoic calderas approximately 1.3 billion years old with a composite diameter of approximately 14 km. REE-Nb mineralization is stratabound within the Nuiklavik volcanic sequence, specifically the crystal-poor aphyric ash-flow tuffs. The principal REE-bearing minerals are Ce-bastnäsite, allanite, and monazite, with yttrium-bearing accessory phases contributing a significant HREO component. Accessory niobium and zirconium enrichment is also present.

Figure 2: Local geologic map of the Nuiklavik Caldera Complex.

Drilling Highlights

2023 / 2024 Backpack Drilling

32 core samples from less than 6 m depth confirmed the presence of high-grade REE mineralization:

VWS24-003: 1.83% TREO at 0 – 0.75 m
VWS24-002: 1.54% TREO at 3.2 – 4.2 m and 1.42% TREO at 4.95 – 5.8 m
VWS23-001: 1.16% TREO at 0.9 – 1.85 m

2025 RC Drilling (25 holes, 537 samples)

Returned consistent mineralization across a 1.7 km × 1.2 km area, with 19 of 25 holes returning mineralized intercepts exceeding 0.2% TREO. Highlight intercepts:

WOLRC25-003: 48.8 m @ 0.77% TREO from 1.5 m (incl. 18.3 m @ 1.06% TREO from 1.5 m)
WOLRC25-006: 38.1 m @ 0.71% TREO from surface (incl. 4.6 m @ 1.53% TREO)
WOLRC25-002: 51.8 m @ 0.52% TREO from surface (incl. 33.5 m @ 0.67% TREO)

Peak RC sample grades reached 2.03% TREO, with an average HREO contribution of approximately 24–28%. Mineralization is open and the system remains under-explored.

The 2025 RC drilling campaign materially advanced the Wolverine REE Project by confirming thick, laterally extensive, stratabound REE mineralization within the Unit 4 volcanic sequence, including intercepts of up to 48.8 m at 0.77% TREO and peak grades exceeding 2% TREO. Mineralization is characterized by favourable bastnäsite, meaningful HREO enrichment, and scale sufficient to support continued advancement toward resource definition.

The Company plans to advance the Wolverine REE Project toward an initial mineral resource estimate prepared in accordance with the requirements of NI 43-101, subject to completion of diamond core drilling and metallurgical testing.

Drillholes plotted on LiDAR-derived elevation model

Figure 3: Drillholes are plotted on LiDAR-derived elevation model hillshade with the geologic map colors for Units 4 and 5. The enriched outcrop zone, possible normal fault trace, and cross sections (A-A’ and B-B’) are indicated. See Figure 2 for the broader geological context.

Figure 4: Cross sections A-A’ and B-B’ as outlined above in Figure 3, showcasing the shallow dipping stratigraphy from surface.

Regional Geological Context

The Wolverine REE Project lies within the broader Mesoproterozoic peralkaline magmatic province of the North Atlantic region. Other rare earth deposits hosted in peralkaline intrusive complexes within this same province include the Tanbreez deposit in South Greenland (45 Mt @ ~0.4% TREO, within a 4.7 Bt kakortotite host rock unit; source Critical Metals Corp. disclosure, 12 March 2025) and Strange Lake in Quebec/Labrador (493 Mt @ 0.89% TREO; source Quest Rare Minerals Ltd. NI 43-101 report, 26 June 2014). SAGA has not independently verified these figures.

The Wolverine REE Project is distinct from both Tanbreez and Strange Lake in that mineralization is hosted in near-surface peralkaline ash-flow tuffs. The low strip ratio and Tier-1 jurisdiction position the Wolverine REE Project as a highly prospective project with significant exploration upside.

“The Wolverine REE Project is a promising heavy rare earth opportunity for SAGA. The 2025 RC drilling delivered consistent intercepts across a 1.7 x 1.2 km footprint, confirming a thick, gently dipping, stratabound REE horizon hosted in a giant peralkaline caldera system. With peak grades exceeding 2% TREO, a heavy rare earth content of approximately 28%, and a clear pathway to a maiden resource estimate, Wolverine offers a near-surface, volcanic-hosted expression of the same broader peralkaline province that hosts major rare earth deposits like Tanbreez and Strange Lake. The combination of grade, heavy rare earth tenor, favourable flat-lying geometry, and low anticipated strip ratio makes this a project we are eager to advance.”

— Michael Garagan, Chief Geological Officer & Director, SAGA Metals Corp.

Flowers River Igneous Suite Airborne Magnetic Survey

The Flowers River Granite is the largest peralkaline intrusive body in Labrador, mapped over an area exceeding 2,000 km², forming arcuate to curvilinear intrusions emplaced concentrically around the Nuiklavik Caldera Complex. A 2018 airborne total field magnetic survey of the Hopedale block reveals the geophysical expression of the Flowers River Igneous Suite (“FRIS”) within the broader Nain Plutonic Suite (“NPS”). The FRIS is expressed as a prominent, high-intensity circular magnetic anomaly, consistent with the magnetite-rich peralkaline to alkaline composition of the suite. The Wolverine REE Project is located within this magnetic high.

Figure 5: Total field aeromagnetic map of the Flowers River area. The FRIS is expressed as a prominent circular magnetic high within the surrounding Nain Plutonic Suite.

Figure 6: Total magnetic field map of the Nuiklavik Caldera Complex. Grab samples with TREO ≥ 0.2% are shown as scaled symbols. The volcanic pile is preserved within nested calderas in the central portion of FRIS.

2026 Work Program & Exploration Priorities

SAGA plans to implement a 2026 work program designed to advance the Wolverine REE Project toward a maiden NI 43-101 mineral resource estimate through diamond drilling, targeted follow-up drilling, and evaluation of additional high-priority targets.

Primary Focus Areas

Diamond core drilling to confirm vertical grade zonation, validate mineralization continuity, collect material for metallurgical testing, and verify REE host minerals.
Targeted step-out and deeper drilling to test the thickness of the enriched horizon, define the base of mineralization, and improve geological confidence.
Structural interpretation through geophysical surveys and outcrop mapping to better understand fault controls on enriched horizon distribution.
Ring dyke drilling south of the 2025 drill area to evaluate an additional high-priority target with expansion potential.
Technical advancement studies including density, mineralogical, geotechnical, hydrogeological, environmental baseline, and QA/QC programs to support future resource estimation and assess potential zirconium by-product upside.

Terms of the Acquisition

Pursuant to the terms of the SPA, SAGA has agreed to acquire all of the issued and outstanding shares of Catalyst for initial consideration comprised of 4,250,000 common shares of SAGA to be issued to the Vendors on closing, plus cash in the amount of $1,000,000 to be paid within 120 days from Closing (together, the “Initial Consideration”).

Milestone Payments

In addition to the Initial Consideration, SAGA will make the following payments upon achieving the following milestones:

Milestone	Trigger	Shares	Cash
First	NI 43-101 inferred resource ≥ 370,000 t TREO (27% HREO)	5,000,000	$1,000,000
Second	NI 43-101 indicated resource ≥ 700,000 t TREO (27% HREO)	7,000,000	$1,000,000
Third	PEA with post-tax NPV ≥ $2.5 billion	$5M value	$1,000,000
Fourth	Pre-feasibility: NPV ≥ $2.5B & IRR ≥ 30%	$5M value	$1,000,000
Fifth	Feasibility study: NPV ≥ $2.5B & IRR ≥ 30%	$5M value	$1,000,000

The price per Saga Share used to calculate shares issuable in connection with the Third, Fourth and Fifth Milestones will be the greater of (i) $0.50 and (ii) the “Discounted Market Price” of the Saga Shares as defined in TSX Venture Exchange Policy 1.1 on the date of the public announcement of the completion of each such Milestone.

Share Release Schedule (Voluntary Contractual Restrictions)

Approximately 82% of all Consideration Shares are subject to a 36-month escrow with the following release schedule:

10% — released upon date of issuance
15% — released 6 months following issuance
15% — released 12 months following issuance
15% — released 18 months following issuance
15% — released 24 months following issuance
15% — released 30 months following issuance
15% — released 36 months following issuance

Closing is subject to customary conditions precedent, including approval of the TSX Venture Exchange. There can be no guarantees that the Acquisition will be completed as contemplated or at all.

Qualified Person

Tyrell Sutherland, P. Geo., a “qualified person” as defined under NI 43-101 and a principal of Catalyst, has reviewed and approved the scientific and technical information disclosed in this news release.

About SAGA Metals Corp.

SAGA Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security.

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The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares and features an 18 km east-west uranium trend, with confirmed samples as high as 0.428% U₃O₈.

The Legacy Lithium Project in Quebec’s Eeyou Istchee James Bay region spans 65,849 hectares and shares geological continuity with Rio Tinto, Li-FT Power, SOQUEM, and Loyal Metals.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

Rob Guzman — Investor Relations

Tel: +1 (844) 724-2638

Email: rob@sagametals.com

www.sagametals.com

Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA has received compensation from SAGA of US$100,000 cash for a twelve-month marketing contract. This message is for informational and educational purposes only and does not provide investment advice.